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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | American Century Small Cap Value Fund | -0.4% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer discretionary, financials, industrials, Rate Cuts, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | View | |
| 2025 Q1 | Apr 25, 2025 | SouthernSun Small Cap | -11.5% | -11.5% | AEIS, AGCO, AWI, BOOT, DANH, EPAC, EXTR, IEX, LOB, MOD, NGVT, OXM, PII, SAM, TKR, USPH | Manufacturing, Quality, Resilience, small caps, tariffs, value | Manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. The portfolio focuses on 20-30 fundamentally sound companies with financial backbone and market strongholds. | MOD EXTR LOB BOOT TKR EPAC |
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| 2025 Q1 | Apr 25, 2025 | SouthernSun SMID Cap | -8.8% | -8.8% | AEIS, AGCO, AWI, BDC, BOOT, BR, DHR, GNRC, IEX, MOD, PII, SAM, TKR, USPH, WSO | fundamentals, Quality, Resilience, small caps, SMID Cap, tariffs, Trade Policy, value | The manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. They see this as a shift from a sugar high to a carnivore diet - stripped of fluff and rooted in what's healthy and enduring. | MOD PII USPH BOOT WSO BR |
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| 2025 Q1 | Mar 31, 2025 | American Century Small Cap Value Fund | -6.3% | -6.3% | ACLS, AXS, BCO, BECN, BLBD, CHX, CRGY, EMBCF, ENOV, EVTC, FLWO, FNB, GPK, MGY, ONB, SSB, TITN, TKR, TPG, WBS | Banking, energy, industrials, materials, small caps, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical multiples despite strong fundamentals. | View | |
| 2025 Q4 | Feb 25, 2026 | SouthernSun Small Cap | 2.6% | 5.4% | AEIS, BOOT, CSW, CXT, DAR, DORM, DY, EXTR, KAI, LPX, TKR, USPH | AI, energy, fundamentals, risk, small caps, valuation, value | Manager draws extensive parallels between today's AI-driven market environment and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. AI infrastructure faces energy constraints with data centers becoming massive electricity consumers, while rising power costs and grid limitations challenge assumptions of frictionless scalability. Markets may be conflating transformational potential with near-term certainty, creating valuation risk similar to past cycles. Energy plays a central role in the manager's analysis, both as a historical lesson from 2014-15 oil collapse and as a current constraint on AI infrastructure. Data centers have become massive electricity consumers with economics highly sensitive to power pricing and grid reliability. Rising electricity prices in data-center-heavy regions and utility challenges in expanding capacity create physical constraints that complicate AI scalability assumptions. The portfolio focuses on small-cap businesses that are performing well fundamentally with strong balance sheets, resilient cash flows, and improved competitive positions. The manager emphasizes owning businesses that can compound value over time rather than speculation, though acknowledges markets don't always reward fundamentals on a linear schedule. Portfolio positioning reflects discipline in finding mispriced companies relative to long-term intrinsic value. | TKR DY DORM KAI CSW DAR AEIS |
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| 2025 Q4 | Feb 25, 2026 | SouthernSun SMID Cap | -3.9% | 4.5% | APG, BOOT, CXT, DAR, DY, EXTR, FND, GNRC, LOB, MUSA, OSK, TKR, TREX, WSO | AI, energy, infrastructure, Late-cycle, SMID Cap, valuation, value | Artificial intelligence occupies a central role in shaping market expectations and has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. The manager draws parallels between today's AI environment and the 2014-15 oil collapse, noting that AI infrastructure is profoundly energy-intensive and faces physical constraints including rising electricity prices and grid capacity challenges. Energy plays a critical role in AI infrastructure economics, with data centers becoming major electricity consumers. Rising power costs compress margins while grid constraints and regulatory scrutiny influence deployment timelines. The manager emphasizes that unlike software-driven growth, AI compute cannot be scaled independently of physical energy reality. Many AI-exposed companies trade at multiples assuming near-flawless execution, creating valuation risk despite current profitability. The manager notes that when confidence is high, markets forgive delays and cost overruns, but when confidence wanes, these factors can catalyze abrupt repricing. Late-cycle environments show conviction persisting even as marginal buyers grow cautious. | TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR |
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| 2024 Q4 | Dec 31, 2024 | SouthernSun Small Cap | -7.7% | 4.7% | AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH | Cyclical, Patience, positioning, Research, small cap, value | Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components. | View | |
| 2024 Q4 | Dec 31, 2024 | SouthernSun SMID Cap | -6.2% | 11.1% | APG, AWI, BCO, BR, DY, MGPI, PII, SEIC, TKR, USPH | Balance Sheet, Cyclical, management, Patience, Research, SMID Cap, value | The U.S. presidential election outcome led to market anticipation of policy shifts towards tax extensions and deregulation, viewed as pro-growth. However, potential new trade policies, particularly tariffs, introduced elements of uncertainty that the firm closely monitored. Global trade adjustments, particularly with major economies like China, continue to shape investment decisions. | BCO MGPI AWI SEIC |
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| 2024 Q4 | Dec 31, 2024 | Brandes Small Cap Value Fund | 5.8% | 24.8% | AOUT, ARLO, BSCAX, BSCMX, BSCRX, CAE, DII, ELAN, EPC, ERJ, EXE, FSTR, GHM, HBI, HXL, IMKTA, INVX, KMT, LNSR, MOG.A, MTX, NPK, NTGR, ORION, PAHC, PKE, RBBN, SMG, TKR, UTMD, WKC | aerospace, healthcare, industrials, Machinery, small caps, technology, value | The fund seeks long-term capital appreciation through value investing in small-cap companies. The fund exhibits lower valuations than the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects. The manager believes value stocks have attractive potential going forward. | TKR |
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| 2025 Q3 | Oct 19, 2025 | American Century Small Cap Value Fund | 4.7% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer, financials, industrials, semiconductors, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | View | |
| 2025 Q4 | Jan 23, 2026 | American Century Small Cap Value Fund | -1.1% | -3.3% | AMKR, ARCB, ARW, AVT, AXS, BBWI, BC, BIRK, COLB, EEFT, ENOV, EVTC, GPK, HZO, MARA, OKLO, ONB, PATK, SSB, TKR, UMBF | banks, consumer discretionary, healthcare, industrials, semiconductors, small cap, value | The fund maintains significant overweight exposure to banks, remaining constructive on the industry due to continued positive inflection in net interest income and belief that fears of an extended negative credit cycle were overstated. Many holdings still trade meaningfully below historical multiples. Overweight positioning tilted toward higher-quality, unique businesses targeting high-end consumers including global consumer brands like Brunswick and Birkenstock. Specialty retail exposure includes marine dealers and Bath & Body Works. The sector remains attractive with overweight positioning in higher-quality industrials including machinery, distribution, and commercial services. Many holdings demonstrated strong pricing power during inflationary environment and returned cash to shareholders via dividends, buybacks and debt reduction. Information technology contributed through stock selection, with strong results from Amkor Technology benefiting from AI packaging solutions and domestic chip manufacturing trends. The company is one of two in the US capable of providing large-scale advanced packaging solutions. | View | |
| 2023 Q3 | Sep 30, 2023 | SouthernSun Small Cap | 10.6% | 13.5% | BCO, BDC, DAR, DY, LOB, MUSA, SAM, SCL, TKR, USPH | consumer, energy, financials, industrials, infrastructure, small cap, value | Darling Ingredients is building Sustainable Aviation Fuel capacity expected online in Q4 2024, with further SAF expansion being evaluated as growth and incentives provide significant margin expansion and return on investment. The company is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy. | ALDAR.AD ABDY.L AER|AWI|MUSA|NEU|SAIA|WTM SAM |
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| 2023 Q3 | Sep 30, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | BCO, BDC, BR, DAR, DY, LPX, MUSA, SAM, TKR, USPH | Biofuels, Convenience Stores, self-help, SMID Cap, Telecommunications, value | Murphy USA benefits from its position as a low-cost, high-volume fuel retailer with advantaged locations on Walmart outparcels. The company continues to grow same-store sales and sees opportunities for new store additions while maintaining capital discipline through share repurchases. | ALDAR.AD ABDY.L AER|AWI|MUSA|NEU|SAIA|WTM SAM |
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| 2022 Q3 | Sep 11, 2022 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | CWK, LFUS, MLKN, PRCH, SMRT, TKR | - | View | ||
| 2023 Q1 | Apr 30, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | AGCO, BCO, BOOT, CLH, CR, DAR, LPX, MUSA, TKR, TREX, WRK, WSO | Building Products, HVAC, Industrial, M&A, packaging, SMID Cap, value | Manager initiated position in Louisiana-Pacific Corporation, a leading producer of oriented strand board and siding. The company has transformed from commodity OSB focus to value-add building solutions with superior growth profile and barriers to entry in siding business. | LPX WRK ALDAR.AD BCO WSO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | SouthernSun Small Cap | The Timken Company | Industrials | Industrial Machinery | Bull | NYSE | attractive valuation, Cost Reduction, Engineered Bearings, financial flexibility, Industrial Motion, Market Leading, Wind Turbine | View Pitch |
| Apr 13, 2026 | Fund Letters | Brandes Small Cap Value Fund | The Timken Company | Industrials | Machinery | Bull | NYSE | aftermarket, Automation, Bearings, Cyclical, dividend, Industrial Motion, Power Transmission, renewables, Share Buybacks, Value | View Pitch |
| Feb 27, 2026 | Fund Letters | Michael Cook | Timken Company | Industrials | Industrial Machinery | Bear | New York Stock Exchange | Capital Redeployment, CEO transition, execution risk, Industrial Bearings, M&A Skepticism, strategy | View Pitch |
| Feb 27, 2026 | Fund Letters | Michael Cook | Timken Company | Industrials | Industrial Machinery | Bear | New York Stock Exchange | Acquisitions, Bearings, Execution, Governance, Industrial Motion, ROIC | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Daniel Jones | The Timken Company | Consumer Discretionary | Tools & Accessories | Bull | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||